/raid1/www/Hosts/bankrupt/TCRAP_Public/050328.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, March 28, 2005, Vol. 8, No. 60
Headlines
A U S T R A L I A
ALL-SITE CONSTRUCTIONS: To Hold Final Meeting April 1
AMOS PTY: Court Appoints Liquidator to Wind Up Company
AUSTRALIA PTY: Court Issues Winding Up Order
AVISCO PTY: To Declare Dividend March 28
BARROWISH PTY: Members, Creditors to Meet April 4
BG INVESTMENTS: Court Bars Man to Protect Investors
BRESMAN PTY: Final Meeting Set April 12
BROWN BROS: To Convene Final Meeting March 29
CANALINA PTY: Lays Out Purpose of Final Meeting
CHEMEQ LIMITED: Hunting for New Chairman, CEO
COLIN SINCLAIR: Joint Meeting Date Fixed April 1
DOWIE PASTORAL: Picks Liquidators to Wind Up Company
GLASS FIT: Members Resolve to Wind Up Company
HEMMBY PTY: Schedules Final Meeting on April 1
HIH INSURANCE: Former Managing Director Pleads Guilty
ION LIMITED: Administrator Expects to Dispose Of Ops by April
ION LIMITED: Pollution Move Risks 1100 Jobs
MAYNE GROUP: Investors' Confidence Starts to Mellow
MORRIS PROPERTY: Members Pass Resolution to Wind Up Company
NEIRBO PTY: Members Agree to Wind Up Company
PRODUCTION GROWTH: To Undergo Voluntary Liquidation
PROMOS R US: Appoints Receiver and Manager
RB JENKINS: Names Danny Vrkic as Liquidator
SOFTWORKS INTERNATIONAL: To Hold Final Meeting April 4
UNION STEEL: Appoints Liquidator to Wind Up Company
WESTBAY SEAFOODS: Final Meeting Slated for April 6
C H I N A & H O N G K O N G
CHINA NORTHERN: 1H/FY04 Net Loss Widens to HKD2.87 Mln
DAYWAY DEVELOPMENT: Enters Winding Up Proceedings
GRANDCALL LIMITED: Winding Up Hearing Set May 4
GRAPHIC CONSULTANTS: Appoints Joint Liquidators
LEE'S PHARMACEUTICAL: 2004 Net Loss Shrinks to HKD$3.3 Mln
LOFTY GAIN: Court Issues Winding Up Notice
MASSIVE RESOURCES: 1H/FY04 Net Loss Falls to HKD7.4 Mln
TIMES SYSTEM: Winding Up Hearing Date Fixed April 20
WIN GLORY: Court Commences Winding Up Proceedings
I N D O N E S I A
* Government Delays Bond Issue Due to Rising Costs
J A P A N
JAPAN AIRLINES: Union Withdraws Strike Plan
MITSUBISHI FUSO: Issues Progress Report on Quality Issues
MITSUBISHI FUSO: Recalls 9,800 Trucks, Buses
PIONEER CORPORATION: Cuts 5% Workforce Amid Earnings Slump
SANYO ELECTRIC: Widens Loss Forecast to JPY121 Bln
SANYO ELECTRIC: To Dissolve Manufacturing Unit
TOSHIBA CORPORATION: Withdraws Power Transmission Venture
TOSHIBA CORPORATION: Jury Awards Lexar USD$381 Mln in Suit
TOSHIBA CORPORATION: Launches Environmental Vision 2010
*Teikoku Releases Bankruptcy Report for February 2005
K O R E A
SAMSUNG CARD: Rakes KRW303 Bln from Securities Sale
SAMYANG FOODS: To Graduate from Court-Assigned Restructuring
M A L A Y S I A
GOLDEN FRONTIER: Repurchases 17,500 Shares
JIN LIN: Creditors Approve Proposed Restructuring Scheme
LION CORPORATION: Granted Listing of Additional Shares
LION INDUSTRIES: To List Additional Shares Today
MTD CAPITAL: Serves Writ of Summons on Unit's Subsidiary
OLYMPIA INDUSTRIES: Settles Litigation Case with Two Firms
PAN MALAYSIA: Posts Notice of Shares Buy Back
POS MALAYSIA: Set to List Extra Shares
TALAM CORPORATION: Loan Stocks Payment Due in April
TIANJIN HUA: Begins Winding Up Proceedings
WEMBLEY INDUSTRIES: Awaits SC Approval to Extend Proposed Scheme
P H I L I P P I N E S
BAYAN TELECOMMUNICATIONS: Supports Cebu's E-gov Bid
BELLE CORPORATION: Mulls Asset Sale to Pare Debt
COLLEGE ASSURANCE: Key SEC Director Resigns
MAYNILAD WATER: Water Service Continues after Tunnel Reopening
NATIONAL BANK: Agrees to Restructure Citra Loans
PRICESMART INCORPORATED: IFC's Exit Likely to Hurt Credit Rating
S I N G A P O R E
ACCORD CUSTOMER: Singapore Post Proposes to Subscribe in Shares
GLOBAL VOICE: Collaborates with Capgemini Nederland
HIJAU ENERGY: Receives Winding Up Order
HOTEL EQUATORIAL: Proofs of Debt, Claim Due April 5
IGHT PTE: Resolves to Wind Up Company
INFORMATICS HOLDINGS: Winds Up Hungarian Subsidiary
JS MARINE: Court to Hear Petition April 1
KOH BROTHERS: Beef Up Share Capital in CD
KWANG LIAN: Winding Up Hearing Slated for April 1
SHOW THEATRES: Posts Notice of Intended Dividend
T H A I L A N D
KRUNG THAI: Acquires Ordinary Shares in Siam Ferro
NFC FERTILIZER: Removes One Auditor from Lineup
- - - - - -
=================
A U S T R A L I A
=================
ALL-SITE CONSTRUCTIONS: To Hold Final Meeting April 1
-----------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of All-Site Constructions Pty Limited (In Liquidation)
A.C.N. 081 376 543 will be held at the offices of Jirsch
Sutherland Chartered Accountants, Level 2, 84 Pitt Street,
Sydney NSW 2000 on April 1, 2005 at 11:30 a.m. for the purpose
of having an account laid before the members and creditors
showing them the manner in which the winding up has been
conducted, the property of the Company disposed, and the hearing
of any explanations that may be given by the Liquidator.
Dated this 1st day of March 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
AMOS PTY: Court Appoints Liquidator to Wind Up Company
------------------------------------------------------
On February 15, 2005 the Supreme Court of New South Wales,
Equity Division, made an Order that Amos (NQ) Pty Ltd (In
Liquidation) A.C.N. 101 579 453 wound up by the Court and
appointed Hugh Charles Thomas of BKR Walker Wayland, 8th Floor,
55 Hunter Street, Sydney NSW 2000 to be Liquidator.
Dated this 16th day of February 2005
AUSTRALIA PTY: Court Issues Winding Up Order
--------------------------------------------
On February 10, 2005, the Supreme Court of New South Wales,
Equity Division, made an order that Australia Pty Ltd (In
Liquidation) A.C.N. 051 433 731 be wound up by the Court and
appointed the undersigned to be Official Liquidator.
Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000
AVISCO PTY: To Declare Dividend March 28
----------------------------------------
A dividend is to be declared on March 28, 2005 for Avisco Pty
Limited (In Liquidation) A.C.N. 002 669 196.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 16th day of February 2005
Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000
BARROWISH PTY: Members, Creditors to Meet April 4
-------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Barrowish Pty Limited (In Liquidation) A.C.N. 003
801 983 will be held at Rodgers Reidy, Level 8, 333 George
Street, Sydney on Monday, April 4, 2005 at 10:00 a.m.
The purpose of the meeting is:
(a) To receive an account from the Joint Liquidators.
(b) A resolution to destroy the books & records of the Company.
(c) To consider any other business.
Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000
BG INVESTMENTS: Court Bars Man to Protect Investors
---------------------------------------------------
The Supreme Court of Queensland has granted interlocutory orders
preventing Mr. Shane William Hoy of Kuraby in Queensland from
making statements about a high-yield investment scheme.
The Court also appointed a receiver to Mr. Hoy's property and
his companies, BG Investments International Pty Ltd and Pathlawn
Pty Ltd.
ASIC alleges that the high yield investment scheme, "Private
Placement Program" which offers "no risk" returns to investors
in excess of 10 per cent per month, is deceptive and misleading.
ASIC alleges that investors were told that the US Federal
Reserve Board licensed certain companies to open 12 month fixed
term deposit accounts that were then used as guarantees for
inter-bank loans. The fixed term deposit account could not have
money withdrawn from it during the 12-month period and the
minimum investment was US$10,000,000.
Many of the investors lived in Sydney and on the Sunshine Coast.
ASIC also alleges that Mr. Hoy told investors that he was
authorized to accept investments of between AU$10,000 and
AU$100,000 to sustain existing US$10,000,000 fixed term deposit
accounts for a return of 10 percent per month or more.
Interested investors were asked by Mr. Hoy to deposit their
money into one of his Company bank accounts on the promise that
those funds would be deposited into a fixed term deposit account
with a balance of US$10,000,000 or more.
ASIC further alleges that Mr. Hoy withdrew the money from these
Company bank accounts and used it for his own purposes.
Other respondents have consented to orders preventing the
dissemination of information about the bank debenture scheme.
"Where ASIC believes the public is at risk and interim measures
are needed to protect consumers, ASIC will seek interlocutory
orders while completing an investigation," Mr. Allen Turton,
Deputy Executive Director of Enforcement said.
Mr. Hoy was ordered to surrender his passport to the court and
not leave Australia. The Court granted an adjournment of ASIC's
application to a date to be fixed.
BRESMAN PTY: Final Meeting Set April 12
---------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Bresman Pty Ltd (In Liquidation) A.C.N. 001 896 868
will be held at the office of Nicholls & Co, Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on
Tuesday, April 12, 2005, at 11:00 a.m. for the purpose of
receiving the Liquidator's account showing how the winding up
has been conducted and the property of the Company disposed of
and hearing any explanation which may be given by the
Liquidator.
Dated this 15th day of February 2005
A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340
BROWN BROS: To Convene Final Meeting March 29
---------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Brown Bros
(Orange) Pty Ltd (In Voluntary Liquidation) A.C.N. 000 527 524
will be held at the offices of Derek Pigot and Associates on
March 29, 2005 at 10:30 a.m. for the purpose of laying before
the meeting the liquidators' final account and report and giving
any explanation thereof.
Dated this 14th day of February 2005
Derek C. Pigot
Derek Pigot & Associates
222 Anson Street, Orange NSW 2800
CANALINA PTY: Lays Out Purpose of Final Meeting
-----------------------------------------------
Notice is given that a final meeting of the members and
creditors of Canalina Pty Limited (In Liquidation) A.C.N. 084
053 305 will be held at Rodgers Reidy, Level 8, 333 George
Street, Sydney on Monday, April 4, 2005 at 10:30 a.m.
The purpose of the meeting is:
(a) To receive an account from the Joint Liquidators.
(b) A resolution to destroy the books & records of the Company.
(c) To consider any other business.
Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000
CHEMEQ LIMITED: Hunting for New Chairman, CEO
---------------------------------------------
Embattled Chemeq Limited is searching for a new chairman and
chief executive officer after Graham Melrose confirmed his plan
to resign during a shareholders meeting held Wednesday, Asia
Pulse says.
Chemeq has been looking for a new CEO since August last year
after Mr. Melrose announced his intention to step down from the
top post. He had expected to remain in the board as non-
executive chairman, but disclosed he would give way to a new
independent chairman by becoming a non-executive director.
Mr. Melrose expressed his confidence in Chemeq's future after
shareholders backed an AU$60-million bailout package. Mizuho
International and Stark Investments will provide some AU $40
million in cash in the next few weeks. A second payment of up to
AU$20 million ($US15.64 million) will be made after June 30,
depending on the extent to which Chemeq's June options are
exercised.
Chemeq, which is developing a veterinary pharmaceutical drug to
replace the use of antibiotics to boost growth in pigs and
poultry, had been plagued with speculation over its financial
position and sales contracts.
CONTACT:
Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/
COLIN SINCLAIR: Joint Meeting Date Fixed April 1
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Colin
Sinclair Health Services Pty Limited (In Liquidation) A.C.N. 052
482 792 will be held at the offices of Ferrier Hodgson
(Newcastle), Chartered Accountants, Level 3, 2 Market Street,
Newcastle NSW 2300 on April 1, 2005 at 10:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the Liquidators.
Dated this 16th day of February 2005
A. E. Lewis
J. A. Shaw
Liquidators
DOWIE PASTORAL: Picks Liquidators to Wind Up Company
----------------------------------------------------
Notice is hereby given that at a General Meeting of Dowie
Pastoral & Investment Co Pty Ltd (In Liquidation) A.C.N. 000 444
299 held on February 9, 2005 it was resolved that the Company be
wound up voluntarily as a Members' Voluntary Winding up and that
for such a purpose, Douglas Arthur Trood be appointed
liquidator.
Dated this 9th day of February 2005
Douglas Arthur Trood
Liquidator
GLASS FIT: Members Resolve to Wind Up Company
---------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Glass Fit Pty Limited (In Liquidation) A.C.N. 105 433 350 duly
convened and held at 40 Snowden Crescent, Smithfield NSW 2164 on
Wednesday, February 9, 2005 at 9:00 a.m. a Special Resolution
that the Company be wound up voluntarily was passed by members
and the undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 11th day of February 2005
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
HEMMBY PTY: Schedules Final Meeting on April 1
----------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of Hemmby Pty Limited (In Liquidation) A.C.N. 097 711
567 will be held at the office of Ferrier Hodgson, Chartered
Accountants, Level 1, 121-123 Crown Street, Wollongong, New
South Wales on April 1, 2005 at 10:00 a.m.
The purpose of the meeting is to:
(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;
(ii) To consider any other matter properly brought before the
meeting.
Dated this 1st day of March 2005
Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
HIH INSURANCE: Former Managing Director Pleads Guilty
-----------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), on Thursday announced that Mr.
Terry Cassidy, the former Managing Director, Australia of HIH
Insurance Limited, has pleaded guilty to three criminal charges
arising from his management of the HIH group of companies from
1998 to 2000.
Mr. Cassidy, the former Managing Director, Australia of HIH
Insurance Limited, today appeared before Justice Barr in the New
South Wales Supreme Court and pleaded guilty to two criminal
charges under the Crimes Act (NSW) and one criminal charge under
the Corporations Act.
"I welcome today's guilty plea by Mr. Cassidy as a further
significant development in ASIC's HIH investigation," Mr. Lucy
said.
Mr. Cassidy pleaded guilty to criminal charges that he:
(1) acted with reckless disregard in the making of a false or
misleading statement to the Australian Prudential Regulation
Authority (APRA) by not disclosing, contrary to the Insurance
Act, that $129 million in assets of CIC Insurances Ltd (CIC)
were charged for the benefit of a party other than CIC;
(2) acted with reckless disregard in the making of a false or
misleading statement to APRA that CIC had exceeded the minimum
solvency requirements of the Insurance Act by approximately $17
million, when in fact there was a deficiency of approximately
$111 million;
(3) was reckless and failed to properly exercise his powers and
discharge his duties for a proper purpose as a director of HIH
Investment Holdings Ltd (HIHIH) and FAI Insurances Limited (FAI)
in that he signed a series of documents concerning an
application by HIHIH for 200 million shares in FAI which
documents he knew had been backdated to 23 June 2000.
This matter is being prosecuted by the Director of Public
Prosecutions and returns to court on April 18, 2005 for a
sentence hearing.
As this matter is before the court for sentencing, ASIC does not
propose to make any further comment until sentencing.
ASIC's investigation into the collapse of HIH is continuing.
ION LIMITED: Administrator Expects to Dispose Of Ops by April
-------------------------------------------------------------
ION Limited's administrator expects to have sold the failed
automotive parts maker's various businesses by mid-April,
according to the Sydney Morning Herald.
Administrator Colin Nicol of McGrathNicol has received a
"pleasing" level of interest in the group's operations.
Earlier, Colin Nicol obtained a three week extension from the
Federal Court for the second round of creditors' meetings, which
is expected to give potential buyers more time to review the
various operations and conduct their due diligence. The next
creditors meeting is rescheduled on May 6.
ION called in administrators Colin Nicol and Peter Anderson in
December after a consortium of banks withdrew its support.
CONTACT:
ION Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/
ION LIMITED: Pollution Move Risks 1100 Jobs
-------------------------------------------
ION Limited's move to comply with new pollution controls may
force the firm to shut down its Adelaide operations and lay off
around 1100 workers, The Advertiser relates.
Despite the Company being placed into voluntary administration
last December and failing to attract potential buyers, the
Environment Protection Authority (EPA) has asked the
Environment, Resources and Development Court to urgently rule on
proposed noise and odor standards.
While administrator Colin Nicol refuse to disclose the cost of
complying with the environmental controls, it is understood to
have ballooned from AU$5 million to about AU$13 million.
Meanwhile, opposition environment spokesman Iain Evans called
for the State to intervene to "protect" Ion's 1100 workers at
Wingfield, North Plympton and Kilkenny.
MAYNE GROUP: Investors' Confidence Starts to Mellow
---------------------------------------------------
Investors of Mayne Group are starting to get anxious amid
speculation the drug maker may announce a profit warning,
reports the Sydney Morning Herald.
Analysts downgraded Mayne's stock price on reports the Company
was struggling to dispose of its soon-to-expire stock, including
its breast-cancer drug Paclitaxel.
Mayne may be forced to write-off or release its key drugs at
significantly discounted prices, implying the need to downgrade
its 2005 guidance.
Investment bankers are talking up the chances of a Mayne break-
up or takeover, but the firm said it is not yet a compelling
takeover target as of the moment.
The latest buzz came after Mayne revised its 2005 guidance to
"around 10 percent" earnings growth this year from "at least 10
percent" and cited investors' "over-exuberance".
CONTACT:
Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/
MORRIS PROPERTY: Members Pass Resolution to Wind Up Company
-----------------------------------------------------------
Notice is hereby given that at a General Meeting of Morris
Property Investments Pty Ltd A.C.N. 001 455 983 held on February
14, 2005 the following special resolution was passed by all the
members:
That the Company be wound up voluntarily.
Dated this 14th day of February 2005
David James Morris
Liquidator
157 Paterson Road,
Springwood NSW 2777
NEIRBO PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a duly constituted meeting of
Members of Neirbo Pty Limited (In Liquidation) A.C.N. 000 238
737 held on February 7, 2005, it was resolved that the Company
be wound up voluntarily and that for such purpose A. B. Colvin
was appointed Liquidator of the Company.
Dated this 18th day of February 2005
A. B. Colvin
Liquidator
Chartered Accountant
6/781 Pacific Highway,
Gordon NSW 2072
PRODUCTION GROWTH: To Undergo Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Production Growth Management Services Pty Limited (In
Liquidation) A.C.N. 003 632 380 duly convened and held at 39
Grove Street, Earlwood NSW 2206 on Wednesday, February 16, 2005
at 8:30 a.m. a Special Resolution that the Company be wound up
voluntarily was passed by members and the undersigned was
appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 16th day of February 2005
Gregory J. Parker
Liquidator
Parker Advisory
Level 5, 49 Market Street,
Sydney NSW 2000
PROMOS R US: Appoints Receiver and Manager
------------------------------------------
Jamieson Louttit was appointed Receiver & Manager of Promos R Us
Australia Pty Limited (Receiver & Manager Appointed) A.C.N. 076
999 418 on February 17, 2005 pursuant to the securities provided
by the Company to the secured creditor.
Jamieson Louttit
Receiver & Manager
Jamieson Louttit & Associates
Level 15, 88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0505
Facsimile: (02) 9231 0303
RB JENKINS: Names Danny Vrkic as Liquidator
-------------------------------------------
Notice is hereby given that, at a creditors meeting of RB
Jenkins Building Services Pty Limited (In Liquidation) A.C.N.
060 702 918 held on February 14, 2005 it was resolved that the
Company be wound up voluntarily and that for such purpose Danny
Vrkic, Jirsch Sutherland & Co Wollongong Chartered Accountants
be appointed Liquidator.
Dated this 1st day of March 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
SOFTWORKS INTERNATIONAL: To Hold Final Meeting April 4
------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members of Softworks International Pty
Limited (In Liquidation) A.C.N. 080 508 514 will be held at the
office of the Liquidator, c/-Moore Stephens PMN, Chartered
Accountants, Level 6, 460 Church Street, North Parramatta NSW on
Monday, April 4, 2005 commencing at 10:00 a.m. for the purpose
of having accounts laid before the meeting showing the manner in
which the winding up was conducted and the property of the
Company disposed of, and of hearing any explanations that may be
given by the Liquidator and also of determining the manner in
which the books, accounts and documents of the Company and of
the Liquidator thereof shall be disposed of.
Dated this 1st day of March 2005
R. J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150
UNION STEEL: Appoints Liquidator to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Union Steel (NSW) Pty Limited (In Liquidation) A.C.N. 087 628
028 duly convened and held at Level 5, 49 Market Street, Sydney
NSW 2000 on Wednesday, February 9, 2005 at 9:00 a.m. a Special
Resolution that the Company be wound up voluntarily was passed
by members and the undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 11th day of February 2005
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
WESTBAY SEAFOODS: Final Meeting Slated for April 6
--------------------------------------------------
Notice is hereby given that a final meeting of members of
Westbay Seafoods (Aust) Pty Limited A.C.N. 004 735 513 will be
held at the office of Jack Griffis & Co, Level 1, 11 Wharf
Street, Murwillumbah on Wednesday, April 6, 2005 at 2:30 p.m.,
for the purpose of receiving the liquidators account showing how
the winding up has been disposed of, and hearing any explanation
which may be given by the liquidator.
Dated this 17th day of February 2005
Jack Griffis
Liquidator
==============================
C H I N A & H O N G K O N G
==============================
CHINA NORTHERN: 1H/FY04 Net Loss Widens to HKD2.87 Mln
------------------------------------------------------
China Northern Enterprises Investment Fund Limited disclosed its
financial results from the period ended December 31, 2004.
Year-end date: 30/06/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/07/2004 from 01/07/2003
to 31/12/2004 to 31/12/2003
Note $'000 $'000
Turnover : 27,254,979
35,775,040
Profit/(Loss) from Operations : (2,852,138)
(728,795)
Finance cost : (22,181) N/A
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (2,874,319)
(728,795)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.053) (0.038)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (2,874,319)
(728,795)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Loss per share
The calculation of basic loss per share is based on the Group's
loss attributable to the shareholders of HK$2,874,319 (2003:
HK$728,795) and on the weighted average number of 54,613,043
(2003: 19,146,740) ordinary shares of the Company in issue
during the period.
There were no dilutive potential shares during the periods ended
31 December 2004 and 31 December 2003, therefore, no diluted
loss per share have been presented.
DAYWAY DEVELOPMENT: Enters Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Dayway Development Limited by the High Court of Hong Kong
Special Administrative Region was on March 1, 2005 presented to
the said Court by Mr. Yeung Leung Yam and Madam Kwan Chui Sheung
both of Flat 7, 23rd Floor, Block C, Allway Gardens, Tsuen Wan,
New Territories, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 am on May 4, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
BERNARD WONG & CO.
Solicitors for the Petitioner
Room 1101-6, Takshing House
20 Des Voeux Road Central
Central, Hong Kong
Tel: 2845 6311
Fax: 2810 6124
Note:
Any person who intends to appear on the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 3, 2005.
GRANDCALL LIMITED: Winding Up Hearing Set May 4
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Grandcall Limited by the High Court of Hong Kong Special
Administrative Region was on March 8, 2005 presented to the said
Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 am on
May 4, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
TONG & TSOI
Solicitors for the Petitioner
Room 3402, 34th Floor
Bank of America Tower
12 Harcourt Road
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 3, 2005.
GRAPHIC CONSULTANTS: Appoints Joint Liquidators
-----------------------------------------------
Graphic Consultants Limited announced the report of its Joint
and Several Provisional Liquidators as follows:
1. Mr. IP Kwun Ting and Mr. CHO Yim Kan, both of Room 802, Shiu
Lam Building, 23 Luard Road, Wanchai, Hong Kong, was appointed
joint and several liquidators of the Company;
2. There should be a committee of inspection in this winding-up
comprising the following members:
i. Silver System Limited
ii. Kin & Wai Accounting and Secretarial Service Co.
iii. Tomato Express Limited
3. The said liquidators shall receive such remuneration as may
be determined by agreement between the liquidators and the
committee of inspection; or if they fail to agree, such
remuneration shall be determined by the court;
4. The said liquidators do within 21 days from the date of this
order give security to the satisfaction of the Official Receiver
as provided by Section 195 of the Companies Ordinance; and
5. Notice of the order should be advertised by the said
liquidators in one issue of an English newspaper and in one
issue of a Chinese newspaper published and circulated in Hong
Kong and gazetted by the Official Receiver.
Dated this 17th day of February 2005.
LEE'S PHARMACEUTICAL: 2004 Net Loss Shrinks to HKD$3.3 Mln
----------------------------------------------------------
Lee's Pharmaceutical Holdings (08221) disclosed its financial
statement from the period ended December 31, 2004.
Year-end date: 31/12/2004
Currency: HKD
Auditors' report: Unqualified
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/07/2004 from 01/07/2003
to 31/12/2004 to 31/12/2003
Note $'000 $'000
Turnover : 30,395 18,498
Profit/(Loss) from Operations: (2,743) (4,826)
Finance cost : (565) (593)
Share of Profit/(Loss) of Associates: N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (3,268) (5,363)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0105) (HKD 0.0185)
Diluted (in dollar) : (HKD 0.0105) (HKD 0.0185)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (3,268) (5,363)
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Lee's Pharmaceutical Holdings Limited
Name: Lee Siu Fong
Title: Director
Remarks:
1. Basis of preparation
The Company has adopted the Hong Kong Financial Reporting
Standards issued by the Hong Kong Institute of Certified Public
Accountants and the disclosure requirements of GEM Listing Rules
in preparing the audited consolidated results.
2. Dividend
No dividend was paid or proposed during 2004, nor has any
dividend been proposed since the balance sheet date (2003:
HK$Nil).
3. Loss per share
The calculation of basic and diluted loss per share is based on
the following data:
2004 2003
Loss:
Net Loss for the
period for the
purpose of basic
and diluted loss
per share HK$3,268,000 HK$5,363,000
Number of shares:
Weighted average
number of ordinary
shares for the
purpose of basic
loss per share 310,561,066 289,225,000
Effect of dilutive
potential ordinary
shares: options - 486.486
Weighted average
number of ordinary
shares for the purpose
of diluted loss
per share 310,561,066 289,711,486
No dilution loss per share has been presented because the
exercise prices of the Company's options were higher than the
average market price of the Shares for year 2004.
CONTACT:
Lee's Pharmaceutical Holdings
Rm 1905-1905A
Grand Millennium Plaza (Lower Block)
181 Queen's Road Central
Hong Kong.
Tel: (852) 2314 1282
Fax: (852) 2314 1708
Email: info@leespharm.com
LOFTY GAIN: Court Issues Winding Up Notice
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lofty Gain Limited by the High Court of Hong Kong Special
Administrative Region was on March 4, 2005 presented to the said
Court by Shanghai Commercial Bank Limited whose registered
office is situated at No. 12 Queen's Road Central, Hong Kong.
The said Petition is to be heard before the Court at 9:30 am on
May 11, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
CHOW, GRIFFITHS & CHAN
Solicitors for the Petitioner
Room 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.
The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of May
10, 2005.
MASSIVE RESOURCES: 1H/FY04 Net Loss Falls to HKD7.4 Mln
-------------------------------------------------------
Massive Resources International (0070) announced its financial
statement from the period ended December 31, 2004.
Year end date: 30/06/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/07/2004 from 01/07/2003
to 31/12/2004 to 31/12/s2003
Note $'000 $'000
Turnover : 40,008 28,595
Profit/(Loss) from Operations : (6,916) (18,088)
Finance cost : (68) (480)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (7,406) (18,616)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.001) (0.008)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (7,406) (18,616)
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. The turnover and loss from operations are wholly derived from
the Group's continuing operations.
2. The calculation of the basic loss per ordinary share is based
on the net loss for the period of HK$7,406,000 (2003:
HK$18,616,000) and the 9,081,360,000 (2003: 2,270,340,000)
ordinary shares in issue during the period.
There were no dilutive potential ordinary shares in issue during
the period ended 31 December 2004 and accordingly, the diluted
loss per ordinary share was not shown. No diluted loss per
ordinary share has been presented for the period ended 31
December 2003 as the effect of the assumed conversion of the
Company's outstanding convertible notes would result in a
decrease in net loss per ordinary share.
CONTACT:
Massive Resources International
Room 602, 6th Floor
Wing On Centre
111 Connaught Road Central
Hong Kong
TIMES SYSTEM: Winding Up Hearing Date Fixed April 20
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Times System Consultant Limited by the High Court of Hong Kong
Special Administrative Region was on February 18, 2005 presented
to the said Court by Fai Cheung Investment Company Limited whose
registered office is situated at Top Floor, Chinachem Golden
Plaza, No. 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on April 20, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
MESSRS. FORD, KWAN & COMPANY
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
77 Mody Road, Kowloon
Hong Kong
Tel: 2366 0688
Fax: 2722 0736
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.
The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of April
9, 2005.
WIN GLORY: Court Commences Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Win
Glory Group Limited by the High Court of Hong Kong Special
Administrative Region was on January 6, 2005 presented to the
said Court by Grand Monrovia Enterprises Limited whose
registered office is situated at Top Floor, Chinachem Golden
Plaza, No. 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on the 6th day of April 2005 and any creditor or
contributory of the said Company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
MESSRS. FORD, KWAN & COMPANY
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
77 Mody Road, Kowloon
Hong Kong
Tel: 2366 0688
Fax: 2722 0736
(Ref: CG/LTG/YKM/040255814T/SSC/swk)
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.
The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of the
April 4, 2005.
=================
I N D O N E S I A
=================
* Government Delays Bond Issue Due to Rising Costs
--------------------------------------------------
Pending better global market conditions, the Indonesian
government has delayed a global bond issue scheduled for this
week, AFX News reports.
Finance Minister Jusuf Anwar said that the government is still
monitoring market conditions, and has decided to delay the issue
of a IDR9.42 trillion bond, due to the U.S. Federal Reserve's
recent interest rate increase.
Coordinating minister for Economic Affairs Aburizal Bakrie said
that the government is unsure as to the how the delay will be,
but the market reaction towards the bond has been positive so
far. According to Mr. Bakrie, the government wants a yield lower
than last year's bond, which was at 6.85 %.
Mr. Bakrie further added that they are still waiting to see
developments in the coming days; if the price is low enough, the
government will go ahead and push through with the bond issue.
=========
J A P A N
=========
JAPAN AIRLINES: Union Withdraws Strike Plan
-------------------------------------------
Union members at Japan Airlines had canceled a strike set for
March 24 over wage hikes and other demands, according to
Reuters.
The planned strike would have affected about 30 percent of its
domestic flights.
The airline said no domestic and international flights would be
cancelled on Thursday, without specifying a reason for the
strike cancellation.
CONTACT:
Japan Airlines Corporation
Address: 4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
MITSUBISHI FUSO: Issues Progress Report on Quality Issues
---------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation announced on March 23,
2005 an updated information of vehicle accident/fire (scramble
inspection), and the implementation of field fix (recall
measure) for the 11 urgent items.
Regular Reporting Items for This Week
1. Vehicle accident/fire information (scramble inspection)
For the fire accident of heavy-duty truck on the Route 1 bypass
in Shizuoka-shi, Shizuoka Prefecture on March 9, the Company has
witnessed the accident inspection on March 16.
As a result of the inspection, the fixing nut of the ball joint
for V-rod, which fixes the rear-front axle on the vehicle body
frame, was detached. It is assumed that the controlling force of
axle directions to left/right was weakened, and the left inner
tire wheel touched the shock absorption to catch and spread a
fire.
2. Implementation of Field Fix for the 11 Urgent Items
For the permanent measure for clutch housing, the number of
implemented vehicles increased by 4,900 units from the last time
(as of March 14), reaching the implementation rate of 58%.
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
This is a Company press release.
MITSUBISHI FUSO: Recalls 9,800 Trucks, Buses
--------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will recall about 9,800
trucks and buses in connection with seven types of defects,
including one associated with its steering system, Kyodo News
reports.
In a report filed with the Ministry of Land, Infrastructure and
Transport, the carmaker said, those vehicles, made between 1982
and 2002, include the Aero Star bus and Super Great truck.
PIONEER CORPORATION: Cuts 5% Workforce Amid Earnings Slump
----------------------------------------------------------
As part of its restructuring plan, Pioneer Corporation plans to
slash its global workforce by 2,000 (5 percent) and reduce the
number of its global production bases to 30 from 40, reports Dow
Jones Newswires.
Pioneer President Kaneo Ito said the revamp measures are likely
to result in annual cost cuts of JPY30 billion.
Analysts have been saying Pioneer needs to implement major
restructuring steps to turn around its weak earnings. A sharp
fall in prices of its core electronics goods such as plasma-
display televisions and DVD recorders has weighed on earnings.
Pioneer's car-electronics business also has slumped owing to
weak sales of car navigation systems and car audio equipment at
retail stores.
The Company's worldwide manpower totaled 39,000 as of the end of
December.
CONTACT:
Pioneer Corporation
4-1, Meguro 1-Chome
Meguro-Ku, TOKYO 153-8654
JAPAN
Phone: +81 3- 3494-1111
Fax: +81 3 34954428
Web site: http://www.pioneer.co.jp/
SANYO ELECTRIC: Widens Loss Forecast to JPY121 Bln
--------------------------------------------------
Sanyo Electric Co. on Wednesday forecast a net loss of JPY121
billion (US$1.14 billion) for the year ending March 31, compared
with its December estimate of a JPY71 billion loss, AFX News
reports.
The electronics firm cited sluggish demand for digital-related
products, the earthquake that hit its plant in Niigata last year
and losses arising from some accounting changes.
Against this backdrop, it has decided not to pay the annual
dividend of 6 yen per share that it initially planned, leaving
its dividend for the year at JPY3.
CONTACT:
Sanyo Electric Co. Ltd
5-5, Keihan-Hondori 2-Chome
Moriguchi City, 570-8677, Osaka 570-8677
JAPAN
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
SANYO ELECTRIC: To Dissolve Manufacturing Unit
----------------------------------------------
Sanyo Electric Co. Limited will dissolve its wholly owned
subsidiary, Sanwa Techno Corporation, by July 2005, according to
NE Asia Online.
The Company has decided to dissolve Sanwa Techno to reduce costs
by expanding the production of compressors in China, Indonesia
and Mexico.
Sanwa Electric Co. Ltd, another subsidiary of Sanyo, will take
over Sanwa Techno's businesses. Sanwa Electric is also planning
to hire all 159 employees at Sanwa Techno, excluding voluntary
retirees, and has no plan to call for early retirement.
TOSHIBA CORPORATION: Withdraws Power Transmission Venture
---------------------------------------------------------
Toshiba Corporation (President and CEO: Tadashi Okamura) and
Mitsubishi Electric Corporation (President and CEO: Tamotsu
Nomakuchi) agreed on March 23, 2005 to dissolve TMT& D
Corporation (President and CEO: Takaya Koga), their joint
venture in the power transmission and distribution businesses.
Toshiba and Mitsubishi Electric will continue to hold
discussions on the specifics of the dissolution scheduled for
the end of April 2005.
TMT&D started operations on October 1, 2002 by unifying the
power transmission and distribution businesses of Toshiba and
Mitsubishi Electric. Since then, TMT&D has had to contend with a
deteriorating market situation. Overseas, the Company has met
far more intense competition than expected, while the domestic
market has remained sluggish. This reality has imposed severe
challenges on the Company and its management.
While Toshiba, Mitsubishi Electric and TMT&D have extensively
considered recovery measures, circumstances have made it clear
that a definitive plan for rebuilding TMT&D in order to fulfill
the Company's initial objectives is unattainable. Thus, Toshiba
and Mitsubishi Electric resolved to dissolve the partnership,
and agreed to individually pursue the revival and development of
their respective businesses.
On the dissolution of TMT&D, Toshiba and Mitsubishi Electric
plan to absorb the Company's facilities and personnel.
Production and delivery of current orders, and repair and
maintenance services, etc. of already delivered products will be
handled by TMT&D until its dissolution, at which point
continuing responsibilities will be handed over to Toshiba or
Mitsubishi Electric.
Outline of TMT & D
-Founded: April 1st, 2002
-Start of business operation: October 1st, 2002
-Capital: 22.5 billion yen
-Shareholdings: Toshiba 50%, Mitsubishi Electric 50%
-Number of Employees: approx. 2,500
-Net Sales: 150 billion yen (forecast for fiscal 2004)
-Business Domains: Sales, engineering, development, manufacture
and maintenance of equipment, system and software for power
transmission and distribution businesses
-Headquarters Location: Toranomon, Minato-ku, Tokyo
-Manufacturing facilities: Hamakawasaki, Fuchu, Ako, Itami and
Kobe
About Toshiba Corporation
Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer products
and power systems. The Company's integration of these wide-
ranging capabilities assures its position as an innovator in
advanced components, products and systems. Toshiba has more than
161,000 employees worldwide and annual sales of US$53 billion
(FY2003).
For more information, visit
http://www.toshiba.co.jp/index/htm
About Mitsubishi Electric
With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (TSE:6503)
is a recognized world leader in the manufacture, marketing and
sales of electrical and electronic equipment used in information
processing and communications, space development and satellite
communications, consumer electronics, industrial technology,
energy, transportation and building equipment. The Company
recorded consolidated group sales of 3,309 billion yen (US$
31.2billion*) in the fiscal year ended March 31, 2004. For more
information visit http://global.mitsubishielectric.com
*At an exchange rate of 106 yen to the US dollar, the rate given
by the Tokyo Foreign Exchange Market on March 31, 2004.
CONTACT:
Toshiba Corporation
1-1-1 Shibaura , Minato-ku, Tokyo, Japan
Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096
TOSHIBA CORPORATION: Jury Awards Lexar USD$381 Mln in Suit
----------------------------------------------------------
Lexar Media, Inc. (Nasdaq:LEXR), a leading marketer and
manufacturer of high-performance digital media and accessories,
announced that after a six week trial, the jury found Toshiba
Corporation (JP:6502) and Toshiba America Electronic Components,
Inc. (PNK:TOSBF.PK) liable of breach of fiduciary duty and theft
of trade secrets and awarded Lexar over $380 million in damages.
The jury also found that Toshiba's and TAEC's actions were
oppressive, fraudulent or malicious, which supports an award of
punitive damages. Evidence and argument will be presented to the
jury tomorrow on the amount of punitive damages.
"The implications of this verdict to the flash memory industry
are enormous and we appreciate that the jury took the time to
understand difficult technical issues and to consider a wealth
of evidence," said Eric Whitaker, executive vice president and
general counsel, Lexar. "This verdict validates Lexar's core
intellectual property and contributions to the flash memory
industry. It holds Toshiba accountable for its conduct --
building Lexar's trust to acquire our technology and then
betraying that trust to partner with our competitor and compete
against us. It sends a clear message to Toshiba that this type
of corporate conduct will not be tolerated -- as a strategic
partner and board member, Toshiba was required to act with the
utmost good faith and fell far short of that standard."
During the six-week trial, the jury heard over 4,000 pages of
testimony and examined almost 400 exhibits. Lexar's evidence was
based in large part on Toshiba's own internal documents that had
previously been confidential within Toshiba. Key witnesses at
the trial included Lexar's founders, Petro Estakhri and Mike
Assar, Toshiba senior executives Hideo Ito, Yoshihide Fujii and
Kiyoshi Kobayashi, and SanDisk (Nasdaq:SNDK) top executives Eli
Harari and Sanjay Mehrotra.
Toshiba's defense rested in large part on the argument that the
disputed technology was independently developed by Toshiba. The
jury rejected that argument, recognizing Lexar's important
contributions to the development of NAND flash memory,
particularly high performance system designs. These trade
secrets included Lexar's inventions regarding critical flash
functions such as Parallel Write, Internal Page Copy,
Pipelining, and Superblocks, aspects of which are also now the
subject of multiple U.S. and foreign patents, including U.S.
Patents 5,907,856; 6,034,897; 6,040,997; 6,081,878; 6,141,249
and 6,374,337.
Remaining Issues
Lexar's claim for unfair competition, based on California
Business and Professions Code Section 17200 was not given to the
jury and will be decided by the Court. Lexar expects that the
Court will rule on that claim as well as on anticipated post-
trial motions shortly after a hearing currently scheduled for
April 13, 2005.
Based on the jury's verdict and findings, Lexar intends to ask
the Court for an injunction that bars the sale of Toshiba's
products in the United States. Lexar will ask that the
injunction include products that have been found to incorporate
Lexar's trade secrets, including Toshiba's large and small block
NAND flash chips, its CompactFlash, Secure Digital and xD
Picture Card products. Though the length of the injunction will
be determined by the Court, during the trial, there was
testimony that it could take as long as eighteen months to
implement the types of features Lexar disclosed to Toshiba.
Lexar expects that the Court will hold a hearing on Lexar's
request for an injunction on April 13, 2005.
Lexar was represented by Weil, Gotshal and Manges. Lexar's lead
trial counsel was Matt Powers who was assisted at trial by David
Ball, Perry Clark, Chris Cox, David Healey and Anita Kadala and
an experienced trial team. They were also assisted by their
associates Rip Finst, Ira Hatton, Sven Raz and Archana Bhuta.
The trial took place in the Superior Court for the State of
California, County of Santa Clara and was captioned Lexar Media,
Inc. v. Toshiba Corporation.
Patent Case Proceeding
Lexar's case for patent infringement against Toshiba on more
than ten of its patents remains pending in Federal Court. In
January, the United States District Court for the Northern
District of California issued a claim construction ruling that
will have considerable impact on the case as it proceeds toward
trial. The ruling arose from a special proceeding required under
U.S. patent law called a "Markman hearing," where both sides
present their arguments to the court as to how they believe
certain claims at issue in the lawsuit should be interpreted. In
the ruling, the Court construed several key terms in Lexar's
favor, rejecting several of Toshiba's attempts to avoid
infringement of Lexar's patents.
Lexar believes that the Markman hearing ruling affirms its
assertion that Toshiba infringes substantial elements of our
patented technology. During the hearing, the Court interpreted
fourteen terms in six Lexar patents, including U.S. Patent Nos.
5,479,638 entitled "Flash Memory Mass Storage Architecture
Incorporation Wear Leveling Technique"; 6,145,051 entitled
"Moving Sectors Within Block of Information in a Flash Memory
Mass Storage Architecture"; 6,397,314 "Increasing The Memory
Performance Of Flash Memory Devices By Writing Sectors
Simultaneously To Multiple Flash Memory Device"; 6,202,138
"Increasing The Memory Performance Of Flash Memory Devices By
Writing Sectors Simultaneously To Multiple Flash"; 6,262,918
"Space Management For Managing High Capacity Nonvolatile
Memory"; and 6,040,997 "Flash Memory Leveling Architecture
Having No External Latch."
Discovery has now begun in the patent case. Lexar alleges that
Toshiba infringes more than ten of Lexar's 82 worldwide patents,
including U.S. Patent Nos. 5,479,638; 5,818,781; 5,907,856;
5,930,815; 6,034,897; 6,040,997; 6,134,151; 6,141,249;
6,145,051; 6,172,906; 6,202,138; 6,262,918; 6,374,337; and
6,397,314. Lexar is seeking damages as well as an injunction
against Toshiba for those Toshiba products that infringe Lexar's
patents, including its flash memory chips, flash cards and
digital cameras.
About Lexar Media, Inc.
Lexar is a leading marketer and manufacturer of flash memory
cards, USB flash drives, card readers and ATA controller
technology for the digital photography, consumer electronics,
industrial and communications markets. The Company holds over 78
issued or allowed controller and system patents, and licenses
its technology to companies including Olympus, Samsung
Electronics, SanDisk and Sony. For more information, please call
800-789-9418 or visit www.lexar.com.
Lexar and the Lexar logo are trademarks of Lexar Media, Inc. All
other brand or product names are trademarks or registered
trademarks of their respective holders.
Contacts:
Lexar Media, Inc.
Eric Thomas, 202-496-2119 or 202-255-7322 (mobile)
ethomas@fratelli.com
TOSHIBA CORPORATION: Launches Environmental Vision 2010
-------------------------------------------------------
Toshiba Corporation has established Environmental Vision 2010
with the aim of improving the eco-efficiency of products
throughout their life cycles. In addition to the eco-efficiency
indicator for products, which was introduced in 2004, Toshiba
has set an eco-efficiency indicator for the entire business
process encompassing product development, manufacturing and
recovery after the end of use. The target is to double Toshiba
Group's overall eco-efficiency encompassing products and
business processes by fiscal 2010 compared with that in fiscal
2000.
Also, Toshiba has established the Fourth Voluntary Environmental
Action Plan, a plan covering the period from fiscal 2005 to
fiscal 2010 for achieving the target of Environmental Vision
2010. The voluntary plan calls for a 25% reduction ratio of
energy-originated CO2 emission per nominal production volume
compared with fiscal 1990.
In fiscal 2004 Toshiba introduced an eco-efficiency concept(1)
in which the value of a product and the product's environmental
impact are related, and started activities to assess and improve
eco-efficiency based on the factor(2), comparing the eco-
efficiency of a product in the year subject to assessment to the
eco-efficiency of a product in the benchmark year.
Also, in fiscal 2004 Toshiba launched Factor T, an action
program in which factors are applied to create environmentally
conscious products with the objective of systematically
improving product eco-efficiency. In Environmental Vision 2010,
the scope of Factor T has been expanded from products to cover
the entire business process.
In Environmental Vision 2010, from the perspective of life cycle
assessment (LCA), overall eco-efficiency(3) is calculated based
on product eco-efficiency and business eco-efficiency, taking
the ratio of the environmental impact during each phase, such as
manufacturing and usage, into account. Toshiba aims to improve
product eco-efficiency 2.2 times and business process eco-
efficiency 1.2 times, thereby doubling overall eco-efficiency by
fiscal 2010 compared with fiscal 2000.
(1) The "eco-efficiency" of a product is based on the
relationship between the product's environmental impact and
value. The "eco-efficiency" is calculated by dividing the value
of the product by its environmental impact. The smaller the
environmental impact and the higher the value of the product,
the greater is the eco-efficiency.
(2) The "factor" is calculated by dividing the eco-efficiency of
a product subject to assessment by the eco-efficiency of the
benchmark product. The higher the eco-efficiency of the product,
the larger the factor is.
(3) In the life cycle of a product, the product's environmental
impact is thought to be higher during usage than during
manufacturing. For calculating overall eco-efficiency, product
eco-efficiency, business process eco-efficiency and their
relative importance are taken into account.
More information on the Toshiba Group Environmental Vision 2010
can be found at:
http://www.toshiba.co.jp/env/en/management/vision.htm
More information on the 4th Voluntary Environmental Action Plan
can be found at:
http://www.toshiba.co.jp/env/en/management/plan4.htm
Contacts:
Toshiba Corporation
Makoto Yasuda, ++81-3-3457-2105
http://www.toshiba.co.jp/contact/media.htm
*Teikoku Releases Bankruptcy Report for February 2005
-----------------------------------------------------
Teikoku Databank America announced that the number of
bankruptcies in February (1,056 cases) increased 1.6% from last
month (1,039 cases), and decreased 12.6% compared to the same
month last year (1,208 cases). It recorded the 23rd highest
number of bankruptcies after World War II. Total liabilities in
February 2005 ($7,772.02 million) increased 35.1% from last
month ($5,754.51 million), and decreased 25.8% compared to the
corresponding month last year ($10,479.20 million). The record
shows that the month of February 2005 makes the 9th highest in
its number of liabilities in February after the World War II.
Company Name Type of Business Liabilities
Summary Address (Million)
$ = 104Yen
1 Shinko Co., Ltd. Golf Courses $1,942.31
Osaka-shi, Osaka 540-0034
2 K.K. Oriental Golf Golf Courses $288.46
Corporation Miki-shi,
Hyogo 542-0081
3 THK K.K. Office Space $220.93
Yokohama-shi, Kanagawa Leasing Companies
226-0025
4 Fuji Country Golf Courses $285.93
Ono Club K.K.
Nagoya-shi, Aichi
460-0003
5 Sekiei Land & Office Space $268.27
Housing Development Leasing Companies
Co., Ltd.
Shinjuku-ku, Tokyo
169-0074
6 SCM Kosan K.K. General Merchandise $252.88
Kita-ku, Tokyo 114-0002 Stores (Superstores)
7 Kanmatsu Trading Lumber and Bamboo $251.92
Co.,Ltd. Kishiwada-shi, Wholesale Trade
Osaka 596-0011
8 Y.K. Mitake Lumber and Bamboo $211.54
Kani-gun, Wholesale Trade
Gifu 505-0123
9 Furankusu K.K. Hotels $210.29
Chiba-shi, Chiba
260-0031
10 Minobu Golf Golf Courses $205.77
Club K.K.
Minamikoma-gun,
Yamanashi 409-2522
11 Rokko Country Club K.K. Golf Courses $187.50
Osaka-shi, Osaka 540-0034
12 Iga Golf Club K.K. Golf Courses $173.08
Iga-shi, Mie 519-1413
13 Seibu Polymer Corp. Industrial Rubber $166.89
Toshima-ku, Tokyo 170-0014 Product Manufacturing
14 Chuo Teito Shinyo K.K. Consumer Credit $163.46
Koto-ku, Tokyo 135-0048 and Finance Companies
15 Miki Seven Hundred Golf Courses $143.27
Club K.K. Osaka-shi,
Osaka 540-0034
*1,056 corporations with liability of over one billion yen
($9.60million) reported bankruptcy in the month of January. The
above lists the top 15 corporate bankruptcies with the highest
liabilities.
For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
=========
K O R E A
=========
SAMSUNG CARD: Rakes KRW303 Bln from Securities Sale
---------------------------------------------------
Samsung Card Co. was able to raise KRW303.4 billion in a sale of
its asset-backed securities, the proceeds of which would go to
refinancing the Company's debt, reports Yonhap News.
The securities, which will mature in three years, were priced at
the London Interbank Offered Rate plus 0.3 percentage point,
which is the lowest price for South Korean card firms.
Samsung Electronics Co., the Company's major shareholder, had
previously agreed to rescue the troubled card firm with a KRW1.2
trillion-bailout package, together with three other affiliates.
Lead manager for the sale, ING Bank, will assume the entire
amount. Standard & Poor's and Moody's Investor Service gave
"Aa3" and "AA" ratings, respectively, to the debts.
CONTACT:
Samsung Card Co. Ltd.
West Wing, Eunseok bldg.,
1-7, Yeonji-Dong, Jongro-Gu,
Seoul, South Korea 110-754
Phone: +82-2-1588-8700
Fax: +82-2-756-8942
Web site:
http://www.samsungcard.co.kr/home/com_infomation/eng/index.htm
SAMYANG FOODS: To Graduate from Court-Assigned Restructuring
------------------------------------------------------------
Samyang Foods Co. said on March 23 it has come out of a debt
rehabilitation program executed by the Court, Asia Pulse
reports.
According to the Company, its shares need not be delisted from
the stock market, as a court in Seoul has allowed Samyang to be
removed from the debt-restructuring scheme. Samyang foods had
previously applied to come out of the program last Feb. 25,
after being on it since 1998, when the Company experienced
financial difficulties.
The Company was able to reduce its debt by 98.5% (KRW330.2
billion) after dynamic restructuring and maintaining a stable
operating profit since 1998. Operating profit increased by 14.6%
in 2004, up 20.7% from 2003.
CONTACT:
Samyang Foods Co., Ltd.
Fax: 82-2-9196180
E-mail: pr@samyangfood.co.kr
Web site: http://www.samyangfood.co.kr
===============
M A L A Y S I A
===============
GOLDEN FRONTIER: Repurchases 17,500 Shares
------------------------------------------
Golden Frontier disclosed to the Bursa Malaysia Securities
Berhad the details of the shares it bought back on March 23,
2005.
Date of buy back: 23/03/2005
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 17,500
Minimum price paid for each share purchased (RM): 0.570
Maximum price paid for each share purchased (RM): 0.610
Total consideration paid (RM): 10,437.81
Number of shares purchased retained in treasury
(units): 17,500
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,407,300
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
JIN LIN: Creditors Approve Proposed Restructuring Scheme
--------------------------------------------------------
Further to the announcement dated March 1, 2005, Jin Lin Wood
Industries Berhad announced that the Company obtained the
approvals of their scheme creditors for the Proposed
Restructuring Scheme pursuant to Section 176 of the Companies
Act, 1965, at the Court Convened Meetings of Scheme Creditors
held on March 23, 2005.
CONTACT:
Jin Lin Wood Industries Berhad
177, 2nd Floor
Taman Sri Dagang, P O Box 3181
97013 Bintulu,
Sarawak, Malaysia
Phone: 086-334661/335570
Fax: 086-330866/334808
LION CORPORATION: Granted Listing of Additional Shares
------------------------------------------------------
Pursuant to the Company's Executive Share Option Scheme, Lion
Corporation Berhad's additional 4,000 new ordinary shares of
RM1.00 each issued are granted listing and quotation effective
Monday, March 28, 2005, 9:00 a.m.
CONTACT:
Lion Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my
LION INDUSTRIES: To List Additional Shares Today
------------------------------------------------
Lion Industries Corporation Berhad's additional 124,000 new
ordinary shares of RM1.00 each issued pursuant to the Company's
Executive Share Option Scheme are granted listing and quotation
effective Monday, March 28, 2005, 9:00 a.m.
CONTACT:
Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Malaysia
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my
MTD CAPITAL: Serves Writ of Summons on Unit's Subsidiary
--------------------------------------------------------
MTD Capital Berhad announced that MTD Construction Sdn Bhd
(MTDC), a wholly owned subsidiary of MTD Equity Sdn Bhd, which
in turn is a wholly owned subsidiary of the Company, through its
solicitors had on March 23, 2005 served a Writ of Summons on AXA
Affin Assurance Berhad (AXA).
The Suit involves a claim on a Contractor's All Risks Policy No.
010-386230-30, underwritten by AXA and procured by MTDC in
respect of a Project known as "Construction and Completion of
Jalan Simpang Pulai-Lojing-Gua Musang-Kuala Berang, Pakej 2
(From Pos Selim, Perak Darul Ridzuan to Ladang Blue Valley, Kg
Raja Cameron Highlands, Pahang Darul Makmur)". The coverage
period of the Policy was from Nov. 4, 1996 to Oct. 4, 1999,
which was extended to Jan. 31, 2004, plus 24 months' maintenance
plus 3 months and 14 days thereafter for making good defects,
imperfections, shrinkages or any other faults or indemnify MTDC
for any losses or damages in respect of the Project.
MTDC contends that AXA is in breach of the Policy and is
claiming for inter alia, RM38,586,234.16 as at August 2003,
being costs for remedial works in respect of slope
failures/landslips at the Project site, alternatively damages to
be assessed and costs.
The Company thinks that MTDC has a good cause of action against
AXA.
CONTACT:
MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Phone: +60 3 6189 9022
Fax: +60 3 6187 7898
Web site: http://www.mtdcap.com/
OLYMPIA INDUSTRIES: Settles Litigation Case with Two Firms
----------------------------------------------------------
Olympia Industries Berhad refers to the litigation cases of
Maswarna Color Coatings Sdn Berhad vs. Galstech (Malaysia) Sdn
Berhad, and Glastech (Malaysia) Sdn Berhad vs. Mascon Sdn
Berhad, as announced under its unaudited quarterly results
report on Feb. 25, 2005.
The Company announced that the parties have now agreed to an
amicable settlement and all proceedings against each other shall
be adjourned subject to completion of the terms agreed.
CONTACT:
Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax: +60 3 2070 0011
PAN MALAYSIA: Posts Notice of Shares Buy Back
---------------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on March 23, 2005 to the Bursa Malaysia
Securities Berhad.
Date of buy back: 23/03/2005
Description of shares purchased: Ordinary shares of RM0.50 each
Total number of shares purchased (units): 100,000
Minimum price paid for each share purchased (RM): 0.375
Maximum price paid for each share purchased (RM): 0.385
Total consideration paid (RM): 38,256.04
Number of shares purchased retained in treasury
(units): 100,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 20,645,500
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Phone: (60) 3244-1470
Fax: (60) 3244-7789
POS MALAYSIA: Set to List Extra Shares
--------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 266,000 new
ordinary shares of RM1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Tuesday, March 29, 2005, 9:00 a.m.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax: +60 3 2166 2266
TALAM CORPORATION: Loan Stocks Payment Due in April
---------------------------------------------------
Talam Corporation Berhad announced the following:
1) The Company's securities will be traded and quoted (Ex-
Interest) fom April 7, 2005.
2) The last date of lodgment will be on April 11, 2005.
3) Date Payable: April 20, 2005.
CONTACT:
Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439
TIANJIN HUA: Begins Winding Up Proceedings
------------------------------------------
Lion Industries Corporation Berhad (LICB) announced that
following an application by Tianjin Hua Shi Auto Meter Co. Ltd
(Tianjin Hua Shi), a 56.4% owned subsidiary of Lion Motor
Venture Sdn Bhd (LMV), which is in turn a wholly-owned
subsidiary of LICB, the Tianjin High Court in the People's
Republic of China (PRC) had on March 21, 2005 approved the
beginning of voluntary winding-up proceedings of Tianjin Hua
Shi.
1. INFORMATION ON TIANJIN HUA SHI
Tianjin Hua Shi is a joint-venture between LMV and Tianjin Auto
Meter Factory Company on an equity ratio of 56.4%: 43.6%.
Tianjin Hua Shi was incorporated on Dec. 19, 1995 in the PRC
with a registered and paid-up capital of Rmb160 million
(equivalent to approximately RM73 million). LMV's cost of
investment for its 56.4% equity interest in Tianjin Hua Shi was
approximately Rmb90 million (equivalent to approximately RM41
million).
Tianjin Hua Shi was involved in the manufacturing and marketing
of plastic components with products comprising meters for
motorcycle, meters for motor vehicle, piston pins and engine
valves.
2. RATIONALE OF THE VOLUNTARY WINDING-UP
Tianjin Hua Shi ceased operation in July 2004 due to continued
operational losses incurred since 1996 as a result of continuing
difficult operating conditions in the automotive industry in the
PRC. The Voluntary Winding-Up will cut any further expenses and
upon completion, Tianjin Hua Shi will no longer be a subsidiary
of the LICB Group.
3. EFFECTS OF THE VOLUNTARY WINDING-UP
The Voluntary Winding-Up does not have any material impact on
the earnings of the LICB Group for the financial year ending
June 30, 2005, and on the net tangible assets of the LICB Group,
based on the audited consolidated balance sheet as at June 30,
2004 as all the losses have been fully provided in the financial
statements.
WEMBLEY INDUSTRIES: Awaits SC Approval to Extend Proposed Scheme
----------------------------------------------------------------
Reference is made to the announcement dated Feb. 23, 2005 in
relation to the Company's proposed debt restructuring scheme,
capital reduction & consolidation and rights issue.
Wembley Industries Holdings Berhad (WIHB) announces that the
Company on March 18, 2005 submitted an appeal to the Securities
Commission (SC) to seek the SC's reconsideration for the
extension of time for the implementation of the Proposals, for a
period of an additional twelve (12) months from Jan. 27, 2005 to
Jan. 27, 2006 (Appeal).
The Appeal is currently pending the SC's approval of the SC.
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922
=====================
P H I L I P P I N E S
=====================
BAYAN TELECOMMUNICATIONS: Supports Cebu's E-gov Bid
---------------------------------------------------
Bayan Telecommunications Corporation is openly expressing its
support to make Cebu's e-government a reality within the year,
reports SunStar Daily.
The telecommunications firm has begun negotiations to link the
various towns in Cebu to the information superhighway through
the firm's national digital infrastructure.
The idea involves connecting online the different local
government units with the provincial and national agencies.
The linkage process, formalized in principle during the League
of Mayors of the Philippines (LMP) meeting, will be confirmed in
individual negotiations with each municipality.
Through Bayantel's infrastructure, official documents, forms,
clearances and licenses can be accessed and processed more
easily without going through the usual tedious bureaucratic
procedure.
CONTACTS:
Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph
BELLE CORPORATION: Mulls Asset Sale to Pare Debt
------------------------------------------------
Belle Corporation's board has on Wednesday agreed on a capital
restructuring and asset sale, in a bid to trim its Php5.7-
billion debt, Dow Jones reports.
The property and gaming concern has authorized its management to
begin the sale of process of its 19-hectare property in the
Manila Bay Reclamation Area. The property was originally to be
developed as an entertainment and leisure center that would
incorporate a casino and a hotel.
The firm decided on the sale so its could focus on residential
and leisure property development, tourism, retirement and
wellness center development, while further reducing its debt to
enhance shareholder value.
Belle's board, likewise, approved the use of Php3.27 billion in
additional paid-in capital to slash its Php5.4 billion retained
deficit.
CONTACT:
Belle Corporation
Exchange Road Ortigas Centre
28/F East Tower PSE Centre Ortigas Cent
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24
COLLEGE ASSURANCE: Key SEC Director Resigns
-------------------------------------------
The director who handles the Securities and Exchange Commission
(SEC) department that monitors pre-need firms, including the
embattled College Assurance Plans Philippines Inc. (CAP), has
stepped down.
Business World revealed Emilio Aquino resigned last month, but
SEC Chairman Fe B. Barin confirmed the commission has not yet
accepted the resignation.
Mr. Aquino has served the SEC since 1994 and became the
department director in October 2001.
During Mr. Aquino's term as chief of the nontraditional
securities and instruments department, CAP's dealer's license
was suspended. The SEC also refused to renew CAP's and unit
Comprehensive Annuity Plans and Pension Corp.'s expired dealers
license. Currently without dealers' licenses, both companies
operate solely to service client claims.
It was also Mr. Aquino who directed CAP to refund to prospective
clients advanced payments that they made for plans that CAP had
not yet authorized to sell. Besides not having a dealer's
license, CAP also does not have authority to sell new plans to
the public.
The pre-need firm used up the Php5 billion worth of plans it was
allowed to sell. It has a pending application to sell P1 billion
worth of plans, but this has not been acted on by the
commission.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
MAYNILAD WATER: Water Service Continues after Tunnel Reopening
--------------------------------------------------------------
Maynilad Water Corporation announced that water service in the
Metro Manila area is finally back after the Umiray-Angat tunnel
was reopened, The Philippine Daily Inquirer relates.
Starting Saturday, some 40,000 households in Metro Manila
enjoyed a steady supply of water after the completion of the
repair Umiray-Angat tunnel, which was blocked by felled trees
and loose soil during the storms in December last year.
The National Water Resources Board on March 26 started releasing
an additional 2 cubic meters per second of water to the
Metropolitan Water and Sewerage System (MWSS). The move is
expected to relieve the concern of thousands of households who
have had experienced water scarcity in the past months.
Almost 30 percent of Maynilad's west zone consumers had been
waterless, prompting the utility firm to mobilize over 100
mobile tankers for water rationing.
CONTACTS:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
NATIONAL BANK: Agrees to Restructure Citra Loans
------------------------------------------------
The Philippine National Bank (PNB) has approved the
restructuring of the US$134-million loan of Citra Metro Manila
Tollways, according to The Philippine Daily Inquirer.
PNB has agreed to reduce Citra's principal loan by 1.2 percent
to around US$1.43 million and extend the repayment period to six
years starting this year. PNB started collecting 3 percent of
the principal debt on March 15. The principal will have to be
paid every quarter.
Last year, government-owned Land Bank of the Philippines also
started restructuring its US$80-million exposure in Citra to
extend the maturity up to 2008.
Citra, a joint venture of Philippine National Construction Corp.
and Indonesian firm PT Citra, spent about US$500 million to
build the Metro Manila Skyway in 1995. About 70 percent of the
amount was financed with loans from local and foreign creditors.
Only PNB and Land Bank had remaining outstanding exposures in
the skyway project after other Citra creditors drew on the
US$134-million standby facility that the Company opened five
years ago.
Citra loans eventually turned sour, forcing PNB and Land Bank to
approve Citra's loan-restructuring proposal.
CONTACT:
Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/
PRICESMART INCORPORATED: IFC's Exit Likely to Hurt Credit Rating
----------------------------------------------------------------
PriceSmart Incorporated's credit rating is likely to be affected
by the International Finance Corporation's (IFC) exit from its
Philippine subsidiary, The Philippine Star reports.
IFC, the private sector investment arm of the World Bank, had
originally lent PSMT Philippines Inc. US$112.5 million that is
maturing in June 2012 and payable semi-annually at a fixed rate
of 7.44 percent.
IFC participates in private business ventures to bolster the
credibility of the project and enable it to gain easy access to
financing and capital. But PriceSmart bought PSMT's remaining
AU$10.4-million loan from IFC to help PSMT improve its balance
sheet and trim its debt.
PSMT minority shareholder, William Go, questioned the buyout,
saying the move only shows PriceSmart's lack of confidence on
its unit's ability to pay off its debt. Mr. Go also disclosed
the money used to pay off IFC was also borrowed from the
PriceSmart Group thus affecting the credit rating of PSMT
Philippines.
CONTACT:
Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com
PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: Singapore Post Proposes to Subscribe in Shares
---------------------------------------------------------------
Further to the announcement made by Accord Customer Care
Solutions Limited to the Singapore Stock Exchange on March 7,
2005 in relation to the proposed subscription by Singapore Post
Limited (the Investor) of:
(i) 25,000,000 new ordinary shares of S$0.025 each (Tranche A
Shares) in the capital of Accord Customer Care Solutions Limited
at the issue price of S$0.30 for each Tranche A Share; and
(ii) Such additional number (rounded up to the nearest whole
number) of new ordinary shares of S$0.025 each in the capital of
the Company (Tranche B Shares) at the issue price of S$0.30 for
each Tranche B Share, which when aggregated with the Tranche A
Shares, will represent up to 29.9% of the fully-diluted enlarged
capital of the Company as at the date of the completion of the
subscription of the Tranche B Shares (Tranche B Completion
Date),
The Board of Directors of the Company wishes to announce that
the Singapore Exchange Securities Trading Limited (SGX-ST) has
granted approval in-principle for the listing and quotation of
the Tranche A Shares and Tranche B Shares (New Shares).
(i) The obtaining of Shareholders' approval as required under
Rule 803 of the listing manual of the SGX-ST in the event that
there is a transfer of a controlling interest arising from the
subscription of the Tranche B Shares;
(ii) The obtaining of Shareholders' approval for the issue and
allotment of such additional number of Tranche B Shares in the
event that the number of Tranche B Shares to be issued exceed
the number of shares authorized for issue under the general
mandate;
(iii) Submission of an undertaking from the Company to:
(a) Make periodic announcements on the use of the proceeds from
the issue of the New Shares as and when the proceeds from the
issue of the New Shares are materially disbursed; and
(b) Include in its future annual report(s), a status report on
the use of the proceeds from the issue of the New Shares.
(iv) Compliance with the SGX-ST's listing requirements and
guidelines. The SGX-ST's approval in-principle is not to be
taken as an indication of the merits of the Investment, the New
Shares, the Company or its subsidiaries.
By Order Of The Board
Victor Tan Hor Peow
Chief Executive Officer/Managing Director
23 March 2005
Singapore
CONTACT:
Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com
GLOBAL VOICE: Collaborates with Capgemini Nederland
---------------------------------------------------
Global Voice Group Limited, the owner and operator of fibre
networks across Europe, announced in a disclosure submitted to
the Singapore Stock Exchange Wednesday, a collaboration with
leading IT and outsourcing Company Capgemini in the Netherlands.
Global Voice (GV) and Capgemini Nederland B.V. will provide
secure, managed storage solutions to the corporate market.
Initially they will tailor these solutions to the healthcare
sector, starting in The Netherlands. While GV owns and operates
highly secure optical fibre networks and duct infrastructure
across 14 leading European cities, among which Amsterdam,
Rotterdam, The Hague and Utrecht, the automated storage
solutions will be distributed from the Capgemini data centre in
Amsterdam over GV's dedicated fibre network.
GV and Capgemini Nederland B.V. will provide solutions which
will allow organisations in the healthcare sector, particularly
hospitals, to cope with the increasing amounts of information
without needing to make large capital outlays and without the
need to add technology staff to already stretched Human Resource
budgets.
Announcing the collaboration, Mr. Noel Meaney, CEO, Global
Voice, said the healthcare sector has the largest need for
compliant record keeping. Worldwide need for compliant records
is expected to increase at a compound annual growth rate of 86%.
* In addition to the issues and difficulties resulting from
storing and managing such data, regulatory bodies continually
place and enforce strict regulations.
Currently, government and healthcare providers in the
Netherlands and many other Western European countries are
working on the implementation of secure national systems of
electronic patient records.
The protected storage of confidential clinical data is an
essential element in the designing of these patient record
systems. IDC research conducted in Western Europe reports that
total IT spending for electronic patient record solutions is
expected to grow from USD 1.1 billion in 2004 to USD 2.1 billion
in 2008.
"Today's healthcare industry generates increasing amounts of
digital information, picture archiving and communications
systems (PACS) and electronic medical records all put increasing
demands on existing IT systems and storage capacity needs," said
Mr. Meaney.
"This coupled with increasing regulatory requirements, to store
and protect patient information and escalating data volumes,
image-intensive applications to electronic medical records (EMR)
all increase operational complexity and costs. It is these
issues that have influenced GV and Capgemini Nederland B.V. to
focus on developing healthcare solutions enabling organizations
to meet compliance, reduce costs and simplify their operations."
GV's Healthcare solutions incorporate a range of data storage
services that include SAN & NAS solutions and automated online
File and Email archiving. All offer instantaneous recovery of
archived email and files.
Capgemini about the collaboration with Global Voice Networks.
"Both parties combined strengths on the storage on demand market
will make it possible for customers to buy managed storage
services at a very competitive price.
These services are centrally delivered through the high quality
network of Global Voice. Our services include added value for
our customers in the area of new legislation and government
regulations on privacy, corporate governance, but also the dream
of a paperless office, theft protection, a virus free
environment and long term storage capabilities combined with
instantaneous data retrieval.
"Only pay[ing] for what is used, saving costs, compl[ying with]
the highest reliability standards are dominant market
requirements. Capgemini standardized way of work is compliant
with ISO and BS regulations and provide the safest way of
working," Says Huib Papenhuijzen, sales manager at Capgemini
Outsourcing Benelux.
"We very much believe in this powerful relationship and the
market will benefit from it at an unprecedented way."
About Global Voice Group (GV)
Established in early 2002, and listed on the Singapore Stock
Exchange in 2004, GV owns and operates highly secure optical
fibre networks and duct infrastructure across 14 leading
European cities including Amsterdam, Rotterdam, The Hague,
Utrecht, Frankfurt, Berlin, London and Dublin. GV's city
networks were designed to provide access to all key locations
including business and industrial parks, educational centers,
financial centres, Government buildings and Internet exchanges.
GV's core business is the delivery of Business Continuity and
Information Management products to the regulated industries. GV
provides its clients with end-to-end regulatory compliant data
storage solutions including On-line Data Storage, Backup and
Restore, Data Archiving and Content Management Services. GV's
customers include many large German banks, KLM and the City of
Rotterdam. The Company financial headquarters are located in
Singapore and its operational headquarters are in Frankfurt,
Germany.
About Capgemini
Capgemini, one of the world's foremost providers of Consulting,
Technology and Outsourcing services, has a unique way of working
with its clients, which it calls the Collaborative Business
Experience. Through commitment to mutual success and the
achievement of tangible value, the Company helps businesses
implement growth strategies, leverage technology, and thrive
through the power of collaboration.
Capgemini employs approximately 60,000 people worldwide and
reported 2004 global revenues of 6,291 million euros. More
information about individual service lines, offices and research
is available at www.nl.capgemini.com
For further information, please contact:
Diane Hodnett
Global Voice AG
Telephone: +496990554000
E-mail: diane.hodnett@globalvoice.com
www.globalvoice.com
Eva Rijser
PR21
Telephone: +31 23 555 32 63
E-mail: eva.rijser@pr21.nl
HIJAU ENERGY: Receives Winding Up Order
---------------------------------------
In the matter of Hijau Energy Pte Ltd a winding up order was
made on March 11, 2005.
Name and address of Liquidator:
The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
Dated this 14th day of March 2005
Messrs Rajah & Tann
Solicitors for the Petitioner
Note:
(a) All creditors of the abovenamed Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.
(b) All debts due to the abovenamed Company should be forwarded
to the liquidator.
HOTEL EQUATORIAL: Proofs of Debt, Claim Due April 5
---------------------------------------------------
Hotel Equatorial Pte Ltd (In Creditors' Voluntary Liquidation)
of 30 Prinsep Street #11-00 LKN-Prinsep House Singapore 188647
posted a notice of intended dividend to the Government Gazette,
Electronic Edition with the following details.
Last Day for Receiving Proofs: April 5, 2005
Name of Liquidators: Ong Yew Huat and Ho Ai Lian (Mrs Fang)
Address:
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.
March 21, 2005
IGHT PTE: Resolves to Wind Up Company
-------------------------------------
The Board of Directors of Informatics Holdings Ltd announced at
the Singapore Stock Exchange that at an extraordinary general
meeting held by IGHT Pte Ltd (IGHT) on January 11, 2005, it was
resolved that IGHT, be wound up voluntarily.
Informatics has a 40% equity interest in IGHT, a Company
incorporated in Singapore, which is principally engaged in the
management of computer training schools in Cambodia, and is an
associated Company of the Company.
Mr. Lim Yeong Seng of Messrs. Kong, Lim & Partners, has been
appointed liquidator of IGHT.
Notice has been given to the creditors of IGHT though a notice
published in the Business Times on 17th January 2005.
CURRENT STATUS
The voluntary liquidation of IGHT is not yet completed.
However, Informatics is of the view that the voluntary
liquidation and cessation of the business of IGHT is not
expected to have a material impact on the Company's financial
position for the financial year ending 31st March 2005.
None of the directors or controlling shareholders of the Company
has any interest, whether directly or indirectly, in the
voluntary liquidation of IGHT.
By Order of the Board
Raymond Quek Hiong How
Company Secretary
Date: 23rd March 2005
INFORMATICS HOLDINGS: Winds Up Hungarian Subsidiary
---------------------------------------------------
Informatics Holdings Ltd had by a member's resolution dated
September 27, 2004 resolved that its wholly-owned subsidiary,
Corbata Property Management Limited (Corbata) be wound up
voluntarily.
Corbata is an investment holding company incorporated in
Hungary.
Ms. Marta Pet of 1025 Budapest, Szikla u.13, has been appointed
the final accountant of CORBATA.
CURRENT STATUS
The voluntary liquidation of Corbata is not yet completed.
However, Informatics is of the view that the voluntary
liquidation and cessation of the business of Corbata is not
expected to have a material impact on the Company's financial
position for the financial year ending March 31, 2005.
None of the directors or controlling shareholders of the Company
has any interest, whether directly or indirectly, in the
voluntary liquidation of Corbata.
By Order of the Board
Raymond Quek Hiong How
Company Secretary
Date: 23rd March 2005
JS MARINE: Court to Hear Petition April 1
-----------------------------------------
Notice is hereby given that a petition for the winding up of JS
Marine Technology Pte Ltd by the High Court was, on the 7th day
of March 2005, presented by Cummins Engine (Singapore) Pte Ltd,
(RC No. 197803168H) of 8 Tanjong Penjuru, Singapore 609019, a
creditor.
The petition is to be heard before Court sitting at the High
Court in Singapore at 10:00 o'clock in the forenoon, on Friday,
April 1, 2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the petition may appear at
the time of the hearing by himself or his counsel for that
purpose.
A copy of the petition will be furnished to any creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is at 8 Tanjong Penjuru, Singapore
609019.
The Petitioner's solicitors are Messrs Robert Wang & Woo LLC of
No. 9 Temasek Boulevard, #32-01 Suntec Tower 2, Singapore
038989.
Messrs Robert Wang & Woo Llc
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the petition
must serve on or send by post to the abovenamed Messrs Robert
Wang & Woo LLC, notice in writing of his intention to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12 o'clock noon of
March 31, 2005 (the day before the day appointed for the hearing
of the petition).
KOH BROTHERS: Beef Up Share Capital in CD
-----------------------------------------
The Board of Directors of Koh Brothers Group Limited advised the
Singapore Stock Exchange that Caldecott Development Pte Ltd
(CD), has increased its authorized share capital from
S$100,000.00 to S$1,000,000.00 by the creation of additional
900,000 ordinary shares of S$1.00 each. CD is a wholly owned
subsidiary of Koh Brothers Development Pte Ltd (KBD).
CD has also increased its issued and paid-up share capital from
S$2.00 to S$1,000,000.00 by the allotment of 999,998 ordinary
shares of S$1.00 each at par for cash to KBD.
The aforesaid transaction is not expected to have any
significant impact on the earnings per share and net tangible
assets of the Group for its current financial year.
Submitted by
Ethel Low Puey Lee,
Company Secretary
March 23, 2005
CONTACT:
Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
Singapore 348639
Telephone: 65 62898889
Fax: 65 68415400
Web site: http://www.kohbrothers.com
KWANG LIAN: Winding Up Hearing Slated for April 1
-------------------------------------------------
Notice is hereby given that a Petition for winding up of Kwang
Lian Engineering & Company Pte Ltd by the High Court was on
February 28, 2005, presented by Terasaki Circuit Breakers (S)
Pte Ltd, a Company incorporated in the Republic of Singapore and
having its registered office at No. 9 Toh Guan Road East, #03-01
Alliance Building, Singapore 608604, the Judgment Creditors.
The said Petition is to be heard before the Court sitting at
10:00 o'clock in the forenoon on April 1, 2005.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
The Petitioners' address is No. 9 Toh Guan Road East, #03-01
Alliance Building, Singapore 608604.
The Petitioners' Solicitors are Messrs Eng Leong & Partners of
10 Anson Rd, International Plaza #13-03, Singapore 079903.
Messrs Eng Leong & Partners
Solicitors for the Petitioners
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Eng Leong & Partners of 10 Anson Rd, International Plaza #13-03,
Singapore 079903, notice in writing of his intention to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the abovenamed not later than twelve o'clock noon of
March 31, 2005 (the day before the day appointed for the hearing
of the Petition).
SHOW THEATRES: Posts Notice of Intended Dividend
------------------------------------------------
Show Theatres Pte Ltd (In Liquidation) posted a notice of
intended dividend to the Government Gazette, Electronic Edition
with the following details.
Address of registered office: Office of the Liquidator
Nature of Matter: Companies Winding Up No. 319 of 2000
Amount Per Centum: 6.9%
First & Final or Otherwise: First & Final Dividend
When Payable: 21st March 2005
Where Payable:
Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Telephone: 6532 0320 (8 lines)
Fax: 6532 0331
Name of Liquidator: Mr Don M. Ho, FCPA
Dated this 19th March 2005
===============
T H A I L A N D
===============
KRUNG THAI: Acquires Ordinary Shares in Siam Ferro
--------------------------------------------------
According to Krung Thai Bank Pcl's letter Ref. CMD No.082/2005
dated March 22, 2005 regarding the acquisition of 263,144
ordinary shares of the Siam Ferro Industry Co., Ltd., the
Company further notified the following to the Stock Exchange of
Thailand (SET):
Objective of investment Convert from debt,
according to the
rehabilitation plan
Underlying Debt THB167,837,132.12
Number of share held 0 share
before the transaction
Number of share acquired 263,144 shares
Acquired price THB637.81 per share
Number of share held 263,144 shares, 10.53% of
total paid-up capital
after the transaction
Accounting This transaction was
recorded in 4th quarter 2004.
Criteria for Acquired Price According to the
rehabilitation plan
Siam Ferro Industry Co., Ltd. financial information:
Unit:
Million Baht
2003 2004*
Asset 2,214.13 2,186.63
Liability 3,794.74 2,713.26
Shareholder's Equity (1,580.61) (526.62)
Revenue 66.96 284.00
Net profit 1,190.74 820.04
Earning per share
(Baht) 1,127.93 328.02
Book value per share
(Baht) (1,497.29) (210.65)
*Financial statement 2004 is unaudited
Please be informed accordingly.
Sincerely Yours,
For Krung Thai Bank Public Company Limited
Suwit Udomsab
Senior Executive Vice President
International Business & Financial Markets Group
Capital Market Department
Telephone: 0-2208-3256
CONTACT:
Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: http://www.ktb.co.th
NFC FERTILIZER: Removes One Auditor from Lineup
-----------------------------------------------
According to what NFC Fertilizer Public Company Limited reported
to the Stock Exchange of Thailand (SET) as referred in item 5 as
follows;
(5) Approval of the appointment of Mr. Apichart Sayasit C.P.A.
Registration No. 4229 and or Mr. Pornchai Kittipanya-ngam
C.P.A. Registration No.2778 of Horwath (Thailand) Limited as
auditor of the Company for 2005 with the remuneration of
THB1,000,000 (One Million Baht) per annum, excluded out-of-
pocket expenses such as transportation of staff, perdium etc.
and to propose the same to the Annual General Meeting of
Shareholders for consideration and approval.
The Company would like to note the auditor named Mr. Pornchai
Kittipanya-ngam C.P.A. Registration No.2778, in removed. The new
wording will be as follows,
(5) Approval of the appointment of Mr. Apichart Sayasit C.P.A.
Registration No. 4229 of Horwath (Thailand) Limited as auditor
of the Company for 2005 with the remuneration of THB1,000,000
(One Million Baht) per annum, excluded out-of-pocket expenses
such as transportation of staff, perdium etc. and to propose the
same to the Annual General Meeting of Shareholders for
consideration and approval
It is therefore, informed for your acknowledgment and
dissemination to the public and other investors.
Sincerely yours,
NFC Fertilizer Public Company Limited
Mrs. Bongkot Rasmeepaisarn
Vice President
Office of the Chief Executive Officer
CONTACT:
NFC Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road, Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Web site: http://www.nfc.co.th
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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